Verdict – Short-term bearish.
DCE iron ore correct during the day, the current three days created lower highs. Each trading day ended with long upper shadows, indicating the marginal power is diminishing for new buyers. Hourly MACD created lower dead cross. Hourly slow stochastic KD is also creating lower dead cross. Technical signals are indicating iron ore entered a bearish phase in short-run.
The first support is 808.0. The first resistance is 858.0. 